Report: Oil price to reach 75 dollars per barrel next 2-3 months

Published the main causes of the observed rise in price of oil in last days

Baku. 16 April. REPORT.AZ/ Increase in oil prices in recent days on the world market is due to the escalation of crude oil inventories of the USA by 1,294 million barrelsduring the week instead of the projected 4.057 million barrels.During this period, gasoline stocks fell by 2.072 million barrels, exceeding forecasts by 10.4 times.

Report informs, as a result on 15 April the price of Brent crude oil rose by 5.85% reaching 63.31 dollars per barrel at the end of the day.

According to theU.S. Energy Information Administration (EIA),in the fields of North Dakota daily oil production decreased by 15 thousand barrels. However, the number of wells today in the region reached a historical peak. The Bakken in North Dakota and the Eagle Ford in Texas are mostly shale deposits. Agency predicts a reduction in production by 30 thousand barrels from May.

According to the company Baker Hughes, number of drilling rigs in working order reduced on April 3-10 by 42 to 760.Their number in August and September 2014 was equal to 2,031.

Analytical Group of Report finds that, as noted earlier, in the next 2-3 months the price of Brent crude oil reached will reach 75 dollars per barrel.In the next 5 years, the price of oil will fluctuate between 40-80 dollars per barrel.

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